January 27, 2017
Petronet (NSE Cash)
BUY
` 366
` 381- 384
` 415
14 - 21 Sessions
Daily Chart
Source: Falcon (Time: 10.15 IST)
Justification:
Within a broader uptrend, the stock has seen a time-wise correction and has consolidated in a range in last three
months. During the consolidation, the stock had formed a ‘Symmetrical Triangle’ pattern and prices are indicating
breakout from the pattern in today’s session. The ‘RSI’ oscillator too is indicating positive momentum and thus, we are
expecting resumption of the uptrend in the stock in near term. Hence, we advise traders to buy this stock at current
levels and on declines to `381 for a target of `415 in coming 14 - 21 sessions. The stop loss for this trade set up can
be kept at `366.
Ruchit Jain
022-3935 7600 Extn: 6554
1
January 27, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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